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<SEC-DOCUMENT>0000950123-04-015143.txt : 20041223
<SEC-HEADER>0000950123-04-015143.hdr.sgml : 20041223
<ACCEPTANCE-DATETIME>20041223113342
ACCESSION NUMBER:		0000950123-04-015143
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050128
FILED AS OF DATE:		20041223
DATE AS OF CHANGE:		20041223
EFFECTIVENESS DATE:		20041223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TAIWAN FUND INC
		CENTRAL INDEX KEY:			0000804123
		IRS NUMBER:				042942862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04893
		FILM NUMBER:		041222963

	BUSINESS ADDRESS:	
		STREET 1:		225 FRANKLIN STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6176622789

	MAIL ADDRESS:	
		STREET 1:		225 FRANKLIN STREET
		STREET 2:		PO BOX 9110
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>y69604def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>THE TAIWAN FUND, INC.</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>SCHEDULE 14A<BR>
(Rule&nbsp;14a-101)</B>


<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT<BR>
SCHEDULE 14A INFORMATION<BR>
Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No. )</B>



<P align="left" style="font-size: 10pt">Filed by the Registrant &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="font-family: Wingdings">&#254;</FONT><BR>
Filed by a party other than the Registrant &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="font-family: Wingdings">&#111;</FONT>


<P align="left" style="font-size: 10pt">Check the appropriate box:

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Preliminary Proxy Statement</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Confidential, For Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Definitive Proxy Statement</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Definitive Additional Materials</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 24pt"><B>THE TAIWAN FUND, INC.</B>

<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade>
(Name of Registrant as Specified in Its Charter)</DIV>

<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade>

<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</DIV>

<P align="left" style="font-size: 10pt">Payment of Filing Fee (Check the appropriate box):
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><HR align="center" size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><HR align="center" size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><HR align="center" size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><HR align="center" size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(5)</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><HR align="center" size="1" noshade></TD>
</TR>

</TABLE>

<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the Form or Schedule and the
date of its filing.</TD>
</TR>

</TABLE>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Amount Previously Paid:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><HR align="center" size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><HR align="center" size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><HR align="center" size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>Date Filed:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD><HR align="center" size="1" noshade></TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="4">THE TAIWAN FUND, INC.</FONT></B>

<DIV align="center">
<B><FONT size="2">225 Franklin Street, Boston, Massachusetts
02110</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">For questions about the Proxy Statement,
please call (800)&nbsp;636-9242</FONT></B>
</DIV>

<P align="right">
<FONT size="2">December&nbsp;23, 2004
</FONT>

<P align="left">
<FONT size="2">Dear Stockholder:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Enclosed you will find a Notice and Proxy
Statement for the Annual Meeting of Stockholders of The Taiwan
Fund, Inc. to be held on Friday, January&nbsp;28, 2005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The only matter on which you, as a stockholder of
the Fund, are being asked to vote is the election of the
Fund&#146;s directors. The Board of Directors recommends that
you vote in favor of the re-election of six of the Fund&#146;s
existing directors and the election of the three new nominees
listed on the proxy card.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">YOUR VOTE IS IMPORTANT, REGARDLESS OF THE NUMBER
OF SHARES YOU OWN. PLEASE TAKE A FEW MINUTES TO REVIEW THIS
MATERIAL, CAST YOUR VOTE ON THE ENCLOSED PROXY CARD AND RETURN
IT IN THE ENCLOSED POSTAGE-PAID ENVELOPE. YOUR PROMPT RESPONSE
IS NEEDED TO AVOID FOLLOW-UP MAILINGS WHICH WOULD INCREASE COSTS
PAID BY ALL STOCKHOLDERS.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Thank you very much for your assistance.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Sincerely,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">BENNY T. HU
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">President</FONT></I></TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="4">THE TAIWAN FUND, INC.</FONT></B>

<DIV align="center">
<B>Notice of Annual Meeting of Stockholders</B>
</DIV>

<DIV align="center">
<B><FONT size="2">January&nbsp;28, 2005</FONT></B>
</DIV>

<P align="left">
<FONT size="2">To the Stockholders of THE TAIWAN FUND, INC.:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">NOTICE IS HEREBY GIVEN that the Annual Meeting of
Stockholders of The Taiwan Fund, Inc. (the &#147;Fund&#148;)
will be held at the Ritz Carlton San&nbsp;Francisco,
600&nbsp;Stockton Street, San&nbsp;Francisco, California 94108,
on Friday, January&nbsp;28, 2005 at 2:00&nbsp;p.m.,
San&nbsp;Francisco time, for the following purposes:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">To elect nine directors to serve for the ensuing
    year.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">To transact such other business as may properly
    come before the meeting or any adjournments thereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has fixed the close of
business on December&nbsp;10, 2004 as the record date for the
determination of stockholders entitled to notice of and to vote
at the meeting or any adjournments thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You are cordially invited to attend the meeting.
Stockholders who do not expect to attend the meeting in person
are requested to complete, date and sign the enclosed form of
proxy and return it promptly in the envelope provided for that
purpose. The enclosed proxy is being solicited by the Board of
Directors of the Fund.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By order of the Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">ADELINA LOUIE
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Secretary</FONT></I></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">December&nbsp;23, 2004
</FONT>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="2">PROXY STATEMENT</FONT></B>

<P align="center">
<B><FONT size="2">THE TAIWAN FUND, INC.</FONT></B>

<P align="center">
<B><FONT size="2">INTRODUCTION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Proxy Statement is furnished in connection
with the solicitation of proxies by the Board of Directors of
THE TAIWAN FUND, INC. (the &#147;Fund&#148;) for use at the
Annual Meeting of Stockholders, to be held at the Ritz Carlton
San&nbsp;Francisco, 600 Stockton Street, San&nbsp;Francisco,
California 94108, on Friday, January&nbsp;28, 2005 at
2:00&nbsp;p.m., San&nbsp;Francisco time, and at any adjournments
thereof. The Fund&#146;s investment adviser is HSBC Asset
Management (Taiwan) Limited (the &#147;Adviser&#148;),
99&nbsp;Tun Hwa South Road, Section&nbsp;2, Taipei, Taiwan, ROC.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The approximate date on which this Proxy
Statement and the form of proxy will be mailed to stockholders
is December&nbsp;23, 2004. Any stockholder giving a proxy has
the power to revoke it by mail (addressed to the Secretary of
the Fund c/o&nbsp;the Fund&#146;s administrator, State Street
Bank and Trust Company, at the Fund&#146;s address at
225&nbsp;Franklin Street, Boston, Massachusetts 02110) or in
person at the meeting, by executing a superseding proxy or by
submitting a notice of revocation to the Fund. All properly
executed proxies received in time for the meeting will be voted
as specified in the proxy or, if no specification is made, for
each proposal referred to in this Proxy Statement. Abstentions
and broker non-votes are each included in the determination of
the number of shares present at the meeting for purposes of
determining the presence of a quorum.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has fixed the close of
business on December&nbsp;10, 2004 as the record date for the
determination of stockholders entitled to notice of and to vote
at the meeting and at any adjournment thereof. Stockholders on
the record date will be entitled to one vote for each share
held, with no shares having cumulative voting rights. As of the
record date, the Fund had outstanding 16,365,572&nbsp;shares of
common stock.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management of the Fund knows of no business other
than that mentioned in Proposal (1)&nbsp;of the Notice of
Meeting which will be presented for consideration at the
meeting. If any other matter is properly presented, it is the
intention of the persons named in the enclosed proxy to vote in
accordance with their best judgment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Fund will furnish, without charge, a copy of
its annual report for its fiscal year ended August&nbsp;31, 2004
to any stockholder requesting such report. Requests for the
annual report should be made in writing to The Taiwan Fund,
Inc., 225&nbsp;Franklin Street, Boston, Massachusetts 02110,
Attention: Ann Carpenter, or by calling (800)&nbsp;636-9242.
</FONT>

<P align="center">
<B><FONT size="2">ELECTION OF DIRECTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Persons named in the accompanying form of proxy
intend in the absence of contrary instruction to vote all
proxies for the election of the nine nominees listed below as
directors of the Fund to serve until the next Annual Meeting of
Stockholders (expected to be held in January&nbsp;2006), or
until their successors are elected and qualified. Each of the
nominees for director has consented to be named in this Proxy
Statement and to serve as a director of the Fund if elected. The
Board of Directors of the Fund has no reason to believe that any
of the nominees named below will become unavailable for election
as a director, but if that should occur before the Annual
Meeting for the Fund, proxy cards will be voted for such persons
as the Board of Directors of the Fund may recommend.
</FONT>

<P align="center">

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Information Concerning Directors, Nominees and
Officers</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth certain
information concerning each of the directors, nominees as a
director and officers of the Fund.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="21%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Position(s)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Principal Occupation(s)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other Directorships in</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name, Address,</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Held with</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Director</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">or Employment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Publicly-Held</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">and Age</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Fund</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Since</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">During Past Five Years</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies or Funds</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="1">Independent Current Directors</FONT></B></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Shao-Yu Wang (81)&#134;<BR>
    Apt. 5H<BR>
    No. 56 Tun Hwa<BR>
    South Road, Section&nbsp;2<BR>
    Taipei, Taiwan, ROC
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Chairman of the Board and Director
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">1986</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Chairman of the Board of Trustees, Soochow
    University (1987- present); Chairman of the Board of Trustees,
    Min Chuan University, (1986-present); Chairman of the Board of
    Trustees, Fu-Dan High School (1986-present); Chairman, Evernew
    Biotech, Inc. (1985-present); Director, TSR Corp. (1985-present)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="1">Director, America California Bank (2003- present).</FONT></TD>
</TR>

<TR>
    <TD colspan="13"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">David Dean (79)<BR>
    8361 B. Greensboro Drive<BR>
    McLean, Virginia 22102
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Director
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">1991</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Senior Advisor, Chiang Ching-Kuo Foundation for
    International Scholarly Exchange (1990-present)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Lawrence J. Lau (58)<BR>
    Room&nbsp;101, University Administration Building,<BR>
    The Chinese University of<BR>
    Hong Kong<BR>
    Shatin, New Territories<BR>
    Hong Kong, China
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Director
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">1998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Vice Chancellor, The Chinese University of Hong
    Kong (July 2004-present); Kwoh-Ting Li Professor of Economic
    Development, Stanford University (September 1992-present);
    Director, Stanford Institute for Economic Policy Research at
    Stanford University (1997-1999)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="1">Director, Media Partners International Holdings, Inc. (2001-2004).</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">2
</FONT>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="21%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Position(s)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Principal Occupation(s)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other Directorships in</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name, Address,</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Held with</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Director</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">or Employment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Publicly-Held</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">and Age</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Fund</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Since</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">During Past Five Years</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies or Funds</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Joe O. Rogers (56)&#134;<BR>
    2477 Foxwood Drive<BR>
    Chapel Hill, NC 27514
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Director
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">1986</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Organizing Member, The Rogers Team LLC (July
    2001-present); Manager, The J-Squared Team LLC (April 2003-May
    2004); Executive Vice President, Business Development, Planet
    Portal Inc. (September 1999-May 2001)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="1">Director and Member of the Audit Committee, The China Fund, Inc. (1992-present).</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Jack C. Tang (77)<BR>
    Tristate Holdings Ltd.<BR>
    66-72 Lei Muk Road<BR>
    Kwai Chung<BR>
    New Territories<BR>
    Hong Kong, China
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Director
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">1989</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Chairman Emeritus (June 2002-present), Honorary
    Chairman (April 2001-June 2002), Co-Chairman (April 1999-April
    2001), Chairman&nbsp;&#38; CEO (June 1998-April 1999), Tristate
    Holdings Ltd.&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Lawrence F. Weber (71)&#134;<BR>
    156 Ide Rd.<BR>
    Williamstown, MA 01267
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Director
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">1995</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Independent Consultant (1993-present)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">M. Christopher Canavan,&nbsp;Jr. (65)&#134;<BR>
    73 Brook Street<BR>
    Wellesley, MA 02482
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Director
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Independent Consultant (2000-present); Partner,
    PricewaterhouseCoopers LLP (Coopers&nbsp;&#38; Lybrand)
    (1972-1999)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="1">Director and Chairman of the Audit Committee, Bruker Biosciences, Inc. (2000-present).</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Anthony Kai Yiu Lo (54)&#134;<BR>
    1201 Sun Hung Kai Centre<BR>
    30 Harbor Road<BR>
    Wanchai<BR>
    Hong Kong, China
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Director
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">2003</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Founder and Director (August 2004-present) and
    Founder and Managing Director, Advantage Ltd. (1999-August
    2004); Vice Chairman, ABN Amro HG Asia Ltd. (1998-1999)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="1">Member of Listing Committee, Stock Exchange of Hong Kong Ltd. (1996-present).</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">3
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="21%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Position(s)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Principal Occupation(s)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other Directorships in</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name, Address,</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Held with</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Director</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">or Employment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Publicly-Held</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">and Age</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Fund</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Since</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">During Past Five Years</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies or Funds</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="1">Independent Nominees</FONT></B></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Harvey Chang (53)&#134;<BR>
    19 F, No. 172-1, Sec. 2<BR>
    Ji-Lung Rd.<BR>
    Taipei, Taiwan, ROC 106
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">None
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">President and Chief Executive Officer, Taiwan
    Cellular Corporation (September 2003-present); Senior Vice
    President and Chief Financial Officer, Taiwan Semiconductor
    Manufacturing Company (February&nbsp;1998-September 2003)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Christina Liu (49)&#134;<BR>
    Suite 316, No. 3-1<BR>
    Jinan Rd.<BR>
    Taipei, Taiwan, ROC
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">None
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Consultative Board Member, Commission on Economic
    Planning and Development, Executive Yuan, Taiwan, ROC
    (1996-present); Consultative Board Member, Central Deposit
    Insurance Corporation, Taiwan, ROC (1996-2002)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="1">Director, Taiwan Stock Exchange (1995-2002).</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="1">Interested Current Directors</FONT></B></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">*Benny T. Hu (55)&#134;<BR>
    30 F, 99 Tun Hwa South<BR>
    Road, Section 2nd<BR>
    Taipei, Taiwan, ROC
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">President and Director
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">1993</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Chairman, China Development Industrial Bank<BR>
    (June 2003-May 2004); Chairman, China Development Asset
    Management Corp. (June 2001-May 2004); Ambassador-at- Large,
    Republic of China (May 2001-present)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="1">Director, USI Far East Corp. (2004-present); Supervisor, China Steel Corp. (2004-present); Supervisor, Winbond Electronics Corp. (2002-present); Director, China Development Financial Holding Corp. (June 2001-May 2004); Director, Yangming Marine Transport Corp. (2001-present).</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="21%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Position(s)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Principal Occupation(s)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other Directorships in</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name, Address,</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Held with</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Director</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">or Employment</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Publicly-Held</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">and Age</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Fund</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Since</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">During Past Five Years</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Companies or Funds</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="1">Interested Nominees</FONT></B></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">*Blair Pickerell (48)&#134;<BR>
    Chief Executive, Asia-Pacific<BR>
    HSBC Asset Management<BR>
    (Hong Kong) Limited<BR>
    Level&nbsp;22, HSBC Main Building<BR>
    1 Queen&#146;s Road Central<BR>
    Hong Kong, China
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">None
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Chairman, HSBC Asset Management (Taiwan) Ltd.
    (May 2003- present); Chief Executive Officer, Asia-Pacific, HSBC
    Asset Management Limited group of entities in Asia Pacific (May
    2003-present); Managing Director, Capital Holdings Limited
    (January 2003-May 2003); Managing Director, JF Asset Management
    Limited (August 1999-December 2002)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <B><FONT size="1">Officers</FONT></B></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="13"><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">*Adelina Louie (38)<BR>
    99 Tun Hwa South Road<BR>
    Section&nbsp;2<BR>
    Taipei, Taiwan, ROC
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Secretary, Treasurer and Chief Compliance Officer
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Chief Operating Officer, HSBC Asset Management
    (Taiwan) Ltd. (March 2004-present); Area Commercial Manager,
    HSBC (U.K.) Ltd. (February 2003-March 2004); Senior Vice
    President, Custody&nbsp;&#38; Clearing, HSBC (Indonesia) Limited
    (June 2002- February 2003); Vice President, Custody&nbsp;&#38;
    Clearing, HSBC (Philippines) Ltd. (May 2000-June 2002)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="1">Leonard B. Mackey, Jr. (54)<BR>
    Clifford Chance US LLP<BR>
    31 West 52nd Street<BR>
    New York, NY 10019&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Assistant Secretary
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="1">Partner, Clifford Chance US LLP and its
    predecessor firms (since 1983)
    </FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&#134;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Nominee for director.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Director, nominee or officer is considered to be
    an &#147;interested person&#148; (as defined in the Investment
    Company Act of 1940, as amended (the &#147;1940 Act&#148;)) of
    the Fund or of the Adviser. Mr.&nbsp;Hu is considered to be an
    interested person because he is the President of the Fund.
    Mr.&nbsp;Pickerell and Ms.&nbsp;Louie are considered to be
    interested persons because of their affiliations with the
    Adviser.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Fund&#146;s Board of Directors has an
Executive Committee which may exercise the powers of the Board
to conduct the current and ordinary business of the Fund while
the Board is not in session. The current members of the
Executive Committee are Messrs.&nbsp;Rogers and Wang.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Fund&#146;s Board of Directors has a
separately designated Audit Committee established in accordance
with Section&nbsp;3(a)(58)(A) of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;) which is
responsible for reviewing financial and accounting matters. The
Fund&#146;s Audit Committee is composed of directors who are
independent (as defined in the New York Stock Exchange, Inc.
(&#147;NYSE&#148;) listing standards) and not interested persons
of the Fund and its actions are governed by the Fund&#146;s
Audit Committee Charter. The current members of the Audit
Committee are Messrs.&nbsp;Dean, Rogers, Tang, Wang, Weber,
Canavan and Lo. The Audit Committee convened four times during
the fiscal year ended August&nbsp;31, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Fund&#146;s Board of Directors has a
Nominating Committee which is responsible for recommending
individuals to the Board for nomination as members of the Board
and its Committees. The Nominating Committee does not consider
nominees recommended by the security holders. The Board believes
that it is appropriate for the Company to not have such a policy
because the Committee has not previously received any director
candidate recommendations from a non-director stockholder. The
Fund&#146;s Nominating Committee is composed of directors who
are not interested persons of the Fund, as independence for
nominating committee membership is defined in the NYSE listing
standards, and its actions are governed by the Fund&#146;s
Nominating Committee Charter, attached hereto as Exhibit&nbsp;A.
The current members of the Nominating Committee are
Messrs.&nbsp;Dean, Tang and Weber. The Nominating Committee
convened three times during the fiscal year ended
August&nbsp;31, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Persons recommended by the Fund&#146;s Nominating
Committee as candidates for nomination as directors are required
to possess such knowledge, experience, skills, expertise and
diversity so as to enhance the Board&#146;s ability to manage
and direct the affairs and business of the Fund, including, when
applicable, to enhance the ability of committees of the Board to
fulfill their duties and/or to satisfy any independence
requirements imposed by law, regulation or any listing
requirements of the NYSE. The three new nominees listed on the
proxy card were nominated by the Nominating Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Fund&#146;s Board of Directors has a Fair
Valuation Committee which is responsible for establishing and
monitoring policies and procedures reasonably designed to ensure
that the Fund is valued appropriately, objectively and timely,
reflecting current market conditions. The Fund&#146;s Fair
Valuation Committee is composed of directors who are not
interested persons of the Fund. The current members of the Fair
Valuation Committee are Messrs.&nbsp;Canavan, Lo and Weber. The
Fair Valuation Committee did not meet during the fiscal year
ended August&nbsp;31, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors of the Fund held four
regular meetings and three special meetings during the fiscal
year ended August&nbsp;31, 2004. For the fiscal year ended
</FONT>

<P align="center"><FONT size="2">6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">August&nbsp;31, 2004, each current director
attended at least seventy-five percent of the aggregate number
of meetings of the Board and of any committee on which he served
held during the time such director was a member of the Board.
For annual or special stockholder meetings, directors may but
are not required to attend the meetings; and for the Fund&#146;s
last annual stockholder meeting, two Directors attended the
meeting.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Stockholder Communications</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Stockholders may send communications to the
Fund&#146;s Board of Directors by addressing the communication
directly to that Board (or individual Board members) and/or
clearly indicating that the communication is for the Board (or
individual Board members). The communication may be sent to
either the Fund&#146;s office or directly to such Board
member(s) at the address specified for each Director above.
Other stockholder communications received by the Fund not
directly addressed and sent to the Board will be reviewed and
generally responded to by management, and will be forwarded to
the Board only at management&#146;s discretion based on the
matters contained therein.
</FONT>

<P align="left">
<B><FONT size="2">Ownership of Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth information
regarding the ownership of securities in the Fund by directors
and nominees for director as of December&nbsp;2, 2004.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="19%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Aggregate Dollar Range</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">of Equity Securities in</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">All Funds Overseen or</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">to be Overseen by</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Director or Nominee in</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of Director</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Dollar Range of Equity</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Family of Investment</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">or Nominee</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Securities in the Fund</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Companies</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Current Directors</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shao-Yu Wang
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benny T. Hu
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">David Dean
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$1-10,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$1-10,000
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lawrence J. Lau
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joe O. Rogers
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$10,000-$50,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$10,000-$50,000
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jack C. Tang
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lawrence Weber
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">M. Christopher Canavan,&nbsp;Jr.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Anthony Kai Yiu Lo
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Nominees</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Harvey Chang
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Christina Liu
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Blair Pickerell
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">None
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No director or nominee for election as director
who is not an interested person of the Fund, or any immediate
family member of such person, owns securities in the Adviser, or
a person directly or indirectly controlling, controlled by, or
under common control with the Adviser.
</FONT>

<P align="left">
<B><FONT size="2">Transactions with and Remuneration of Officers
and Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate remuneration, including expenses
relating to attendance at board meetings reimbursed by the Fund,
paid in cash to directors not affiliated with the Adviser was
$480,851 during the fiscal year ended August&nbsp;31, 2004. The
Fund currently pays each director that is not affiliated with
the Adviser an annual fee of $10,000 plus $2,000 for each
directors&#146; meeting and committee meeting attended in
person, and $1,000 for each meeting attended by telephone.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Adviser pays the compensation and certain
expenses of Ms.&nbsp;Adelina Louie, an employee of the Adviser
who serves as Secretary, Treasurer and Chief Compliance Officer
of the Fund. Ms.&nbsp;Louie may participate in the advisory fees
paid by the Fund to the Adviser, although the Fund makes no
direct payments to her.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Lawrence J. Lau served as a consultant
to the Adviser and received a monthly fee of approximately
$2,500 for his consulting services until August&nbsp;31, 2004.
Mr.&nbsp;Lau&#146;s status as a consultant to the Adviser does
not render him an &#147;interested person&#148; of the Fund or
the Adviser under the 1940 Act.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth the aggregate
compensation from the Fund paid to each director during the
fiscal year ended August&nbsp;31, 2004, as well as the total
compensation earned by each director from the Fund and other
funds advised by the Adviser or its affiliates (collectively,
the &#147;Fund&nbsp;Complex&#148;).
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Pension or</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Retirement</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total Compensation</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Aggregate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Benefits Accrued</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estimated Annual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">From Fund and</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">As Part of Fund</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Benefits Upon</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fund Complex</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of Person</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">From Fund(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Expenses</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Retirement</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Paid to Directors(2)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Shao-Yu Wang
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benny T. Hu
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">David Dean
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lawrence J. Lau
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joe O. Rogers
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jack C. Tang
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lawrence Weber
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">M. Christopher Canavan,&nbsp;Jr.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Anthony Kai Yiu Lo
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes all compensation paid to directors by
    the Fund. The Fund&#146;s directors do not receive any pension
    or retirement benefits as compensation for their service as
    directors of the Fund.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">There are currently 23 funds in the
    Fund&nbsp;Complex.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">
<B><FONT size="2">Required Vote</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The election of each director will require the
affirmative vote of a plurality of the votes of the shares
present in person or represented by proxy at the meeting and
entitled to vote for the election of the directors. For this
purpose, votes that are withheld and broker non-votes will have
no effect on the outcome of the elections.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">THE BOARD OF DIRECTORS OF THE FUND RECOMMENDS
THAT YOU VOTE &#147;FOR&#148; THE ELECTION OF THE NINE NOMINEES
FOR DIRECTORS.
</FONT>

<P align="left">
<B><FONT size="2">Audit Committee Report</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has reviewed and discussed
the Fund&#146;s audited financial statements for the fiscal year
ended August&nbsp;31, 2004 with management, the Adviser and KPMG
LLP, the Fund&#146;s independent registered public accounting
firm (&#147;KPMG&#148;), and has discussed with KPMG the matters
required to be discussed by Statement on Auditing Standards
No.&nbsp;61 (Codification of Statements on Auditing Standards,
AU Section&nbsp;380), as may be modified or supplemented. The
Audit Committee has received the written disclosures and letter
from KPMG required by Independence Standards Board Standard
No.&nbsp;1 (Independence Standards Board Standard No.&nbsp;1,
Independence Discussions with Audit Committees), as may be
modified or supplemented, and has discussed with KPMG its
independence. Based on the Audit Committee review and
discussions referred to in the two preceding sentences, the
Audit Committee recommended to the Board of Directors that the
audited financial statements of the Fund for the fiscal year
ended August&nbsp;31, 2004 be included in its annual report to
stockholders and the Fund&#146;s annual report filed with the
Securities and Exchange Commission.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="18%"></TD>
    <TD width="82%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Joe Rogers, <I>Chairman of the Audit Committee</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">David Dean, <I>Member of the Audit Committee</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Jack Tang, <I>Member of the Audit Committee</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Shao-Yu Wang, <I>Member of the Audit Committee</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Lawrence Weber, <I>Member of the Audit
    Committee</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">M. Christopher Canavan,&nbsp;Jr., <I>Member of
    the Audit Committee</I>
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Anthony Lo, <I>Member of the Audit Committee</I>
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Fund&#146;s Board of Directors has adopted a
written Charter for the Audit Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The members of the Audit Committee are
independent (as independence is defined in
Sections&nbsp;303.01(B)(2)(a) and (3)&nbsp;of the NYSE listing
standards).
</FONT>

<P align="left">
<B><FONT size="2">Independent Registered Public Accounting
Firm</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KPMG serves as the Fund&#146;s independent
registered public accounting firm, auditing and reporting on the
annual financial statements of the Fund and reviewing certain
regulatory reports and the Fund&#146;s federal income tax
returns. KPMG also performs other professional audit and certain
allowable non-audit services, including
</FONT>

<P align="center"><FONT size="2">9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left">
<FONT size="2">tax services, when the Fund engages it to do so.
Representatives of KPMG are expected to be available via
telephone at the Meeting and will have an opportunity to make a
statement if they desire. Such representatives are expected to
be available to respond to appropriate questions at the Meeting.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Audit Fees.</FONT></I><FONT size="2"> The
aggregate fees billed by KPMG in connection with the annual
audits of the Fund for the fiscal years ended August&nbsp;31,
2004 and 2003 were $47,500 and $45,000, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Audit-Related Fees.</FONT></I><FONT size="2">
The aggregate fees billed by KPMG for audit-related services in
the amount of $27,500 for the year ended August&nbsp;31, 2004
were related to the performance of agreed-upon procedures on the
Fund&#146;s performance results as published monthly reports on
the Fund&#146;s website and on the Fund&#146;s semi-annual
financial statements. The aggregate fees billed for
audit-related services in the amount of $5,000 for the year
ended August&nbsp;31, 2003 were related to the performance of
agreed-upon procedures on the Fund&#146;s semi-annual financial
statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Tax Fees.</FONT></I><FONT size="2"> The
aggregate fees billed by KPMG for professional services rendered
by KPMG for tax compliance, tax advice and tax planning
(consisting of a review of the Fund&#146;s income tax returns
and tax distribution requirements) for the fiscal years ended
August&nbsp;31, 2004 and 2003 were $10,500 and $9,500,
respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">All Other Fees.</FONT></I><FONT size="2">
There were no other fees billed by KPMG for services rendered to
the Fund for the fiscal years ended August&nbsp;31, 2004 and
2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Audit Committee
Pre-approval.</FONT></I><FONT size="2"> The Audit
Committee&#146;s policy is to pre-approve all auditing and
non-auditing services to be provided to the Fund by the
Fund&#146;s independent registered public accounting firm. All
of the audit and the tax services described above for which KPMG
billed the Fund fees for the fiscal years ended August&nbsp;31,
2004 and 2003 were pre-approved by the Audit Committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KPMG did not bill any non-audit fees for services
rendered to the Fund&#146;s Adviser, or any entity controlling,
controlled by, or under the common control with the Adviser that
provides ongoing services to the Fund, for the fiscal years
ended August&nbsp;31, 2004 and 2003.
</FONT>

<P align="left">
<B><FONT size="2">Security Ownership of Certain Beneficial
Owners</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Set forth below is information with respect to
persons who, to the knowledge of the management of the Fund,
owned beneficially more than 5% of the Fund&#146;s outstanding
shares as of December&nbsp;10, 2004. The information is based on
publicly available Schedule&nbsp;13D and 13G disclosures filed
with the Securities and Exchange Commission.
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="42%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="19%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Name and Address of</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount and Nature of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Title of Class</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Beneficial Owner</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Beneficial Ownership</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of Class*</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Lazard Asset<BR>
    Management LLC<BR>
    30 Rockefeller Plaza<BR>
    New York, New York 10112
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Has sole power to vote and dispose of
    1,590,500&nbsp;shares.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">9.8%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">City of London Investment Management<BR>
    10&nbsp;Eastcheap<BR>
    London<BR>
    EN EC3M 1LX, England
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Has sole power to vote and dispose of
    1,519,737&nbsp;shares.
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">9.29%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Percentages are based on the number of
    outstanding shares of the Fund as of December&nbsp;10, 2004.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Section&nbsp;16(a) Beneficial Ownership
Reporting Compliance</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;16(a) of the Exchange Act requires
that the Fund&#146;s executive officers and directors, and
beneficial owners of more than 10% of any class of equity
security registered pursuant to Section&nbsp;12 of the Exchange
Act, make certain filings on a timely basis under
Section&nbsp;16(a) of the Exchange Act. Based solely on a review
of copies of such reports of ownership furnished to the Company,
the Company believes that during the past fiscal year all of its
officers, directors and greater than 10% beneficial holders
complied with all applicable filing requirements.
</FONT>

<P align="left">
<B><FONT size="2">Miscellaneous</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Proxies will be solicited by mail and may be
solicited in person or by telephone or telegraph by officers of
the Fund or personnel of the Adviser. The Fund has retained
Georgeson Shareholder Communications Inc. to assist in the proxy
solicitation. The cost of their services is estimated at $5,000,
plus out-of-pocket expenses. The expenses connected with the
solicitation of these proxies and with any further proxies which
may be solicited by the Fund&#146;s officers or Georgeson
Shareholder Communications Inc. in person, by telephone, by
facsimile, or by telegraph will be borne by the Fund. The Fund
will reimburse banks, brokers, and other persons holding the
Fund&#146;s shares registered in their names or in the names of
their nominees for their expenses incurred in sending proxy
material to and obtaining proxies from the beneficial owners of
such shares.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No business other than as set forth herein is
expected to come before the meeting, but should any other matter
requiring a vote of stockholders arise, the persons named in the
enclosed proxy will vote thereon according to their best
judgment in the interests of the Fund.
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<P align="left">
<B><FONT size="2">Stockholder Proposals</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to submit a stockholder proposal to be
considered for inclusion in the Fund&#146;s proxy statement for
the Fund&#146;s 2006 Annual Meeting of Stockholders, stockholder
proposals must be received by the Fund (addressed to The Taiwan
Fund&nbsp;Inc., 225 Franklin Street, Boston, Massachusetts
02110) not later than August&nbsp;19, 2005. Any stockholder who
desires to bring a proposal at the Fund&#146;s 2005 Annual
Meeting of Stockholders without including such proposal in the
Fund&#146;s proxy statement, must deliver written notice thereof
to the Secretary of the Fund (addressed to The Taiwan Fund,
Inc., 225 Franklin Street, Boston, Massachusetts 02110), not
before October&nbsp;29, 2005 and not later than
November&nbsp;28, 2005.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="32%"></TD>
    <TD width="68%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By order of the Board of Directors,
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">ADELINA LOUIE
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <I><FONT size="2">Secretary</FONT></I></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">225 Franklin Street
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boston, Massachusetts 02110
</FONT>
</DIV>

<P align="left">
<FONT size="2">December&nbsp;23, 2004
</FONT>

<P align="center"><FONT size="2">12
</FONT>

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<P align="right">
<B><FONT size="2">APPENDIX&nbsp;A</FONT></B>

<P align="center">
<B><FONT size="2">THE TAIWAN FUND, INC.</FONT></B>

<P align="center">
<B><FONT size="2">NOMINATING COMMITTEE CHARTER</FONT></B>

<P align="left">
<B><U><FONT size="2">Purpose of Committee</FONT></U></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The purpose of the Nominating Committee (the
&#147;Committee&#148;) of the Board of Directors (the
&#147;Board&#148;) of The Taiwan Fund, Inc. (the
&#147;Fund&#148;) is to recommend individuals to the Board for
nomination as members of the Board and its committees. The
Committee shall report to the Board on a regular basis and not
less than once a year.
</FONT>

<P align="left">
<B><U><FONT size="2">Committee Membership</FONT></U></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall consist solely of three or
more members of the Board, each of whom is, in the business
judgment of the Board, &#147;independent&#148; under the rules
of the New York Stock Exchange, Inc. (the &#147;NYSE&#148;) and
&#147;non-interested&#148; under the Investment Company Act of
1940.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Members shall be appointed by the Board and shall
serve at the pleasure of the Board and for such term or terms as
the Board may determine. In appointing members of the Committee,
the Board will take into consideration such factors as it deems
appropriate including, but not limited to, judgment, skill,
business experience and diversity.
</FONT>

<P align="left">
<B><U><FONT size="2">Committee Structure and
Operations</FONT></U></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board shall designate one member of the
Committee as its chairperson. In the event of a tie vote on any
issue, the chairperson&#146;s vote shall decide the issue. The
Committee shall meet in person or telephonically at least once a
year at a time and place determined by the Committee
chairperson, with further meetings to occur when deemed
necessary or desirable by the Committee or its chairperson. The
Committee may request members of management or others to attend
meetings and provide pertinent information as necessary.
</FONT>

<P align="left">
<B><U><FONT size="2">Committee Duties and
Responsibilities</FONT></U></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following are the duties and responsibilities
of the Committee:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">1.&nbsp;Make recommendations to the Board from
    time to time as to changes that the Committee believes to be
    desirable to the size of the Board.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">2.&nbsp;Identify individuals believed to be
    qualified to become Board members, and to recommend to the Board
    the nominees to stand for election as directors at the annual
    meeting of stockholders or, if applicable, at a special meeting
    of stockholders. In the case of a vacancy in the office of a
    director (including a vacancy created by an increase in the size
    of the Board), the Committee shall
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-1
</FONT>
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">recommend to the Board an individual to fill such
    vacancy either through appointment by the Board or through
    election by stockholders. In nominating candidates, the
    Committee shall take into consideration such factors as it deems
    appropriate. These factors may include judgment, skill,
    diversity, experience with businesses and other organizations of
    comparable size, the interplay of the candidate&#146;s
    experience with the experience of other Board members,
    requirements of the NYSE and the Securities and Exchange
    Commission (the &#147;SEC&#148;) to maintain a minimum number of
    independent or non-interested directors, requirements of the SEC
    as to disclosure regarding persons with financial expertise on
    the Fund&#146;s audit committee and the extent to which the
    candidate generally would be a desirable addition to the Board
    and any committees of the Board. In the event the Fund is
    legally required, by contract or otherwise, to provide a third
    party with the ability to nominate a director, the selection and
    nomination of such director need not be subject to the
    Committee&#146;s review.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">3.&nbsp;Identify Board members qualified to fill
    vacancies on any committee of the Board (including the
    Committee) and to recommend that the Board appoint the
    identified member or members to the respective committee. In
    nominating a candidate for committee membership, the Committee
    shall take into consideration the factors set forth in the
    charter of the committee, if any, as well as any other factors
    it deems appropriate, including without limitation the
    consistency of the candidate&#146;s experience with the goals of
    the committee, the interplay of the candidate&#146;s experience
    with the experience of other committee members, requirements of
    the NYSE for independent members to serve on the Fund&#146;s
    audit and compensation committees and the Committee, and
    requirements of the SEC as to disclosure regarding persons with
    financial expertise on the Fund&#146;s audit committee.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">4.&nbsp;To periodically review director and
    committee member compensation and recommend any appropriate
    changes in compensation to the Board.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">5.&nbsp;To fulfill any other duties or
    responsibilities expressly delegated to the Committee by the
    Board from time to time relating to the nomination of Board and
    committee members.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><U><FONT size="2">Performance Evaluation</FONT></U></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall produce and provide to the
Board an annual performance evaluation of the Committee, which
evaluation shall compare the performance of the Committee with
the requirements of this charter and set forth the goals and
objectives of the Committee for the upcoming year. The
performance evaluation shall also recommend to the Board any
improvements to the Committee&#146;s charter deemed necessary or
desirable by the Committee. The performance evaluation by the
Committee shall be conducted in such manner as the Committee
deems appropriate. The report to the Board may take the form of
an oral report by the chairperson of the Committee or any other
member of the Committee designated by the Committee to make this
report.
</FONT>

<P align="center"><FONT size="2">A-2
</FONT>

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<P align="left">
<B><U><FONT size="2">Delegation to Subcommittee</FONT></U></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee may, in its discretion, delegate
all or a portion of its duties and responsibilities to a
subcommittee of the Committee.
</FONT>

<P align="left">
<B><U><FONT size="2">Resources and Authority of the
Committee</FONT></U></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall have the resources and
authority appropriate to discharge its duties and
responsibilities, including the authority to retain counsel and
other experts or consultants at the expense of the Fund. The
Committee shall have the sole authority to select and retain a
consultant or search firm, to terminate any consultant or search
firm retained by it, and to approve the consultant or search
firm&#146;s fees and other retention terms.
</FONT>

<P align="center"><FONT size="2">A-3
</FONT>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">PROXY
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">PROXY</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">THE TAIWAN FUND, INC.<BR>
THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS<BR>
ANNUAL MEETING OF STOCKHOLDERS &#151; JANUARY 28, 2005



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints Lawrence F. Weber, Adelina Louie and Leonard B.
Mackey, Jr., and each of them, the proxies of the undersigned, with full power
of substitution to each of them, to vote all shares of The Taiwan Fund, Inc.
which the undersigned is entitled to vote at the Annual Meeting of Stockholders
of The Taiwan Fund, Inc. to be held at the Ritz Carlton San Francisco, 600
Stockton Street, San Francisco, California 94108, on Friday, January&nbsp;28, 2005 at
2:00 p.m., San Francisco time, and at any adjournments thereof. The undersigned
hereby revokes all proxies with respect to such shares heretofore given. The
undersigned acknowledges receipt of the Proxy Statement dated December&nbsp;20, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLESS OTHERWISE SPECIFIED IN THE BOXES PROVIDED, THE UNDERSIGNED&#146;S VOTE WILL BE
CAST FOR ITEM (1).


<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="100%">



<P align="center" style="font-size: 10pt">PLEASE VOTE, DATE AND SIGN ON OTHER SIDE<BR>
AND RETURN PROMPTLY IN ENCLOSED ENVELOPE.



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="100%">


<P align="left" style="font-size: 10pt">Please sign exactly as your name(s) appear(s). When signing as attorney, executor, administrator, trustee
or guardian, please give your full title as such.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HAS YOUR ADDRESS CHANGED?
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DO YOU HAVE ANY COMMENTS?</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="center" size="1" noshade width="100%">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">FRONT OF PROXY CARD



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">THE TAIWAN FUND, INC.<BR>
C/O EQUISERVE TRUST COMPANY, N.A.<BR>
P.O. BOX 8694<BR>
EDISON, NJ 08818-8694


<P>

<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><FONT face="Wingdings">&#254;</FONT>&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLEASE MARK YOUR VOTES AS IN THIS EXAMPLE.</TD>
</TR>
</TABLE>


<P align="left" style="margin-left: 15%; text-indent: 0%; margin-right: 0%; font-size: 10pt">THE TAIWAN FUND, INC.


<P align="left" style="font-size: 10pt">1. The election of directors.


<P>

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    <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOMINEES:&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(01)&nbsp;M. Christopher Canavan, Jr., (02)&nbsp;Harvey Chang, (03)&nbsp;Benny T. Hu,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(04)&nbsp;Christina Liu, (05)&nbsp;Anthony Kai Yiu Lo, (06)&nbsp;Blair Pickerell, (07)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joe O. Rogers, (08)&nbsp;Shao-Yu Wang and (09)&nbsp;Lawrence F. Weber</TD>
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    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">FOR ALL NOMINEES <FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT> WITHHELD FROM ALL NOMINEES
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">For all nominees except as noted above <FONT face="Wingdings">&#111;</FONT></TD>
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<P align="left" style="font-size: 10pt">2. In their discretion on any other business which may properly come before the
meeting or at any adjournments thereof.


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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark box at right if an address change or comment
has been noted on the reverse side<br>of this card.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Please be sure to sign and date this Proxy.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD align="left" valign="top">&nbsp;</TD>
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    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stockholder sign here
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-owner sign here</TD>
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<P align="left" style="font-size: 10pt">RECORD DATE SHARES:


<P align="center" style="font-size: 10pt">BACK OF CARD




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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